On February 5, 2026, MTN Group—Africa’s largest mobile operator—officially confirmed it is in advanced talks to acquire the remaining 75% stake in IHS Towers it does not already own. This potential $2.76 billion deal represents a massive strategic reversal, as MTN pivots back toward owning the physical infrastructure it spent over a decade selling off.
The announcement follows years of “rocky” relations between the two giants, including governance disputes and a near-divorce in the Nigerian market.
1. The Financial Snapshot (Feb 4–6, 2026)
The deal is being negotiated based on IHS’s market valuation on the New York Stock Exchange (NYSE).
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Share Price: Shares closed at $8.23 on February 4, 2026, marking a significant recent increase.
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Valuation: The total market value of IHS Towers stands at approximately $2.76 billion.
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MTN’s Position: MTN currently holds a 26% stake in IHS, which predates the tower company’s 2021 IPO.
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The “U-Turn”: Analysts are calling this a “strategic reversal.” MTN previously followed an “asset-light” model, selling towers to unlock cash; it now believes controlling its own infrastructure is vital for managing energy costs (solar/diesel) and the 5G rollout.
2. A Timeline of Friction and Reconciliation
The path to this buyout has been anything but smooth. The relationship between the two companies has fluctuated between strategic partnership and open conflict.
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2023: The Nigerian “Split”: MTN Nigeria announced it would end its lease deal with IHS for 2,500 sites, awarding them to American Tower Corporation (ATC) from 2025.
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2024: The Great Reconciliation: In August 2024, the companies surprised the market by renewing all Nigerian tower Master Lease Agreements (MLAs) through December 2032.
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2022–2024: South African Consolidation: IHS acquired over 5,700 towers from MTN South Africa in a $412 million sale-and-leaseback arrangement.
3. Strategic Rationale: Why Control Matters in 2026
If the deal concludes, MTN will regain control over 37,000 towers across seven markets (Nigeria, South Africa, Côte d’Ivoire, Zambia, Cameroon, Brazil, and Colombia).
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Cost Management: Owning towers allows MTN to directly manage power costs (diesel vs. renewables), which are the biggest operational expense in markets like Nigeria.
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Competitive Intelligence: Tower owners know exactly where and when competitors are upgrading. Full control removes this visibility for rivals.
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Governance Peace: A full buyout would finally end the long-standing boardroom disputes over voting rights and board representation that have plagued the two firms since 2023.
MTN & IHS Towers Key Market Footprint (2026)
| Market | Tower Count (approx.) | Lease Status |
| Nigeria | 16,000+ | Extended to 2032 (Majority Naira-linked). |
| South Africa | 5,700+ | Managed by IHS since 2022. |
| Côte d’Ivoire | 2,700+ | Renewed in 2024. |
| Other (Cameroon, Zambia, etc.) | 12,000+ | All tenancies renewed into the next decade. |
“The approach is non-binding… there is no certainty that a transaction will be agreed upon. Should it not materialise, MTN will continue to explore options to unlock value from its investment.” — Official Statement, MTN Group.
